Examlex
An increase in the overall level of prices in an economy is referred to as
Long-run Total Costs
The total costs associated with the production of a certain level of output when all inputs can be varied, emphasizing the period in which no costs are fixed.
Diseconomies of Scale
Diseconomies of scale occur when a company or business grows to such a point that the costs per unit increase, opposite of achieving cost efficiencies through expansion.
Specialization
The process of focusing effort and resources on a limited number of activities to increase efficiency and productivity.
Constant Returns to Scale
A situation in which increasing the amount of inputs in production results in a proportional increase in output.
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